Business
Air T, Inc. Reports First Quarter Fiscal 2024 Results
CHARLOTTE, NC / ACCESSWIRE / August 11, 2023 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is
About this update from Air T, Inc.
[{"type":"text","content":"CHARLOTTE, NC / ACCESSWIRE / August 11, 2023 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies using processes that increase value over time. We believe we can apply corporate resources to help activate growth and overcome challenges.Our core segments are overnight air cargo; aviation ground equipment manufacturing and sales; commercial jet engines and parts; and corporate and other.Today the Company is announcing results for the fiscal first quarter ended June 30, 2023:Revenues totaled $71.4 million for the quarter ended June 30, 2023, an increase of $20.6 million, or 40% from the prior year's comparable quarter.Operating income was $0.7 million for the quarter ended June 30, 2023, compared to the prior year's operating income of $0.8 million.Adjusted EBITDA* profit of $1.4 million for the quarter ended June 30, 2023, compared to an Adjusted EBITDA* profit of $1.5 million in the prior year's comparable quarter.Loss per share of $0.19 for the quarter ended June 30, 2023, compared to the loss per share of $0.50 for the prior year's comparable quarter.Total Equity decreased from $13.0 million as of March 31, 2023, to $12.4 million as of June 30, 2023, a decrease of $0.6 million, or 5%.*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.Company Chairman and CEO Nick Swenson commented:\"We remain focused on seeking to create value for shareholders in the here and now. Developments in the aviation market can be important influences on our business. At this time, global passenger traffic has reached 95% of 2019 levels while cargo demand is softening off of the COVID-related peak back down to levels in line with 2019. The OEM supply chain for aviation equipment is pressured, with Airbus warning of delivery delays well into 2024. This pushes the price for existing aircraft, however, it might cause overproduction and lower aircraft values at the next cyclical low. MRO capacity was removed during COVID. Now the cycle has turned and MROs are experiencing material and labor shortages. Generally speaking, used serviceable material is more sought after as a result. Cyclical tailwinds continue to sustain the global airline indust...